TMI Blog2020 (11) TMI 817X X X X Extracts X X X X X X X X Extracts X X X X ..... We find merit in the contentions raised by the assessee.The provision of Section 56(2)(vii)(b) of the Act does not envisage transfer of ownership for determination of stamp duty value. The determination of stamp duty value hinges on the date of agreement fixing the amount of consideration for transfer of immovable property. In the present case, the date is August 2, 2012. i.e. the date of booking the flat. At the time of booking flat the total amount of consideration was fixed between the parties. The date of transfer of title in immovable property has no significance under the provisions of Section 56(2)(vii)(b). - Appeal of assessee allowed. - ITA No. 2252/Mum/2019 - - - Dated:- 23-11-2020 - SHRI VIKAS AWASTHY, JM AND SHRI RAJESH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le of the flat at page 12 to 97 of the paper book. The learned AR pointed that on page 85, the developer has again acknowledged that two cheques dated 14/07/2012 17/8/2012 were received from the assessee. The learned AR submitted that the sale agreement was executed on 07/02/2014, the consideration was fixed during the Financial Year 2012-13 when the flat was booked. The learned AR submitted that the stamp duty valuation in August 2012 when the flat was booked was ₹ 98,68,000/-. The learned AR referred to the report of Registered Valuer at page 119 of the paper book. The learned AR submitted that the proviso to sub clause (b) to section 56(2)(vii) of the Income-tax Act, 1961 (hereinafter the Act ) provides that where the date of ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e provisions of section 56(2)(vii)(b)(ii) of the Act to make the addition of ₹ 7,91,500/-. 5. Undisputedly, the assessee booked a flat in building Royal Accord developed by M/s Anuradha Real Estate Developers (P) Ltd. in August, 2012 and paid the booking amount. This fact is evident from the booking letter dated 2nd August, 2012 at page 117 of the paper book. A perusal of the said letter also reveals that the Flat No. 1803 on 18th Floor was proposed to be allotted to the assessee. The total purchase consideration for the flat was agreed at ₹ 1,05,60,000/-. Thus, consideration amount for purchase of flat was mutually agreed between the parties at the time of booking of the flat itself. The Assessing Officer invoked the provi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... clause: Provided further that the said proviso shall apply only in a case where the amount of consideration referred to therein, or a part thereof, has been paid by any mode other than cash on or before the date of the agreement for the transfer of such immovable property; 6. A bare perusal of first proviso to sub-clause (b) mandates that where the date of agreement fixing the amount of consideration of immovable property and the date of registration is not the same, the stamp duty value on the date of agreement shall be taken for the purpose of sub clause (b). In the present case, the sale consideration of the flat was agreed on 2nd August, 2012. It is pertinent to mention here that the term agreement used in proviso to sub- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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